SOURCE: Daily Telegraph
China-EU Steel Exports Row
China-EU Steel Exports Row
..."While steel production is declining all over the world to reduce
over-capacity, it is still going up in China. This puts pressure on world
markets," he said. The EU steel industry employs 440,000 workers.
China's steel exports to the EU were 1.6m tonnes in 2005, 5.6m in 2006,
11.5m in 2007 and almost certainly higher in 2008.
China cut output late last year as steel prices collapsed, but the EU
authorities are worried that China is shifting to a strategy of long-term
support – effectively opting to
offload extra capacity on the rest of the world rather than accepting a surge
of unemployment at home.
Beijing says 20m workers have already lost their jobs since the crisis began.
Sporadic riots have occurred in the Pearl River industrial hub...